Pilgrim's Pride Co. (NASDAQ:PPC) was the target of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 16,237,259 shares, a drop of 1.8% from the November 15th total of 16,539,985 shares. Based on an average daily trading volume, of 672,278 shares, the days-to-cover ratio is currently 24.2 days. Approximately 30.8% of the shares of the stock are short sold.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PPC. LSV Asset Management increased its stake in shares of Pilgrim's Pride by 8.1% in the 2nd quarter. LSV Asset Management now owns 10,195,841 shares of the company’s stock valued at $223,492,000 after buying an additional 767,317 shares during the period. Balyasny Asset Management LLC increased its stake in shares of Pilgrim's Pride by 595.5% in the 2nd quarter. Balyasny Asset Management LLC now owns 789,357 shares of the company’s stock valued at $17,303,000 after buying an additional 675,862 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Pilgrim's Pride by 14.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,152,325 shares of the company’s stock valued at $117,970,000 after buying an additional 528,588 shares during the period. Schroder Investment Management Group increased its stake in shares of Pilgrim's Pride by 2,806.0% in the 3rd quarter. Schroder Investment Management Group now owns 531,800 shares of the company’s stock valued at $15,109,000 after buying an additional 513,500 shares during the period. Finally, Prudential Financial Inc. increased its stake in shares of Pilgrim's Pride by 151.0% in the 3rd quarter. Prudential Financial Inc. now owns 759,645 shares of the company’s stock valued at $21,582,000 after buying an additional 457,000 shares during the period. 24.62% of the stock is owned by institutional investors.
Several research firms recently commented on PPC. BidaskClub upgraded Pilgrim's Pride from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 15th. KeyCorp began coverage on Pilgrim's Pride in a report on Tuesday, October 31st. They set a “hold” rating for the company. Jefferies Group reaffirmed a “hold” rating and set a $27.00 price target (up from $25.00) on shares of Pilgrim's Pride in a report on Friday, October 6th. Morgan Stanley raised their price target on Pilgrim's Pride from $30.00 to $32.00 and gave the company an “equal weight” rating in a report on Friday, November 10th. Finally, BMO Capital Markets raised their price target on Pilgrim's Pride from $24.00 to $38.00 and gave the company a “market perform” rating in a report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $32.50.
Pilgrim's Pride (PPC) traded up $0.18 during mid-day trading on Friday, reaching $29.69. The company had a trading volume of 1,033,196 shares, compared to its average volume of 1,562,111. Pilgrim's Pride has a 12-month low of $18.10 and a 12-month high of $38.39. The firm has a market cap of $7,320.00, a PE ratio of 11.74 and a beta of 0.29. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.65 and a quick ratio of 0.81.
Pilgrim's Pride (NASDAQ:PPC) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.21. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Pilgrim's Pride had a return on equity of 64.36% and a net margin of 8.53%. The business’s revenue was up 12.0% on a year-over-year basis. During the same period last year, the firm posted $0.40 EPS. equities research analysts forecast that Pilgrim's Pride will post 2.89 earnings per share for the current year.
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About Pilgrim's Pride
Pilgrim’s Pride Corporation is a retail feed store. It is a producer and seller of chicken with operations in the United States, Mexico and Puerto Rico. It is engaged in the production, processing, marketing and distribution of fresh, frozen and value-added chicken products to retailers, distributors and foodservice operators.
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